UBS Credit officially obtained the third-party payment license issued by the central bank in 2014 and successfully renewed the payment license in 2019. In order to expand more resource markets, UBS Credit chose to sink its business to the third and fourth tiers to counties and remote areas. As of the end of December 2019, UBS Credit has served more than 15 million small, medium and micro merchants, with 39 branches, more than 100 local offices and 130,000 operation and maintenance cooperation teams, covering 26 provinces across the country. The purpose is to form a point-to-area, with the business district as the center, radiating the surrounding small, medium and micro businesses.
UBS Credit product types are mainly mobile POS machines and mobile smart POS machines, which have two styles: button and touch screen. Among them, Ascend V8, New World ME31, New Guodu N3 and Tianyu TP30LM have passed the "UnionPay Card Acceptance Terminal Equipment Security Certification". Released by UnionPay in 2018, the N3 is a best-practice test product that supports card swiping, card insertion, card waving, and QR code scanning, and is suitable for public service payment, retail and convenience stores, and food and beverage scenarios.
UBS Credit has received five fines in 2020, with fines exceeding 85 million yuan. Among the many reasons for regulatory penalties, the lack of monitoring of suspicious transactions such as cash-out frequently occurs, that is, the "cash-out" of credit card POS machines. In addition, in March this year, the National Center for Mobile Internet Application Security Management (CNAAC) reported that more than 100 apps violated the Cybersecurity Law and other relevant regulations, and there were non-compliance with privacy permissions, including four mobile apps under UBS Credit (UBS Xin, Ruihebao, Ruidabao, and Ruishu).
On the third-party complaint platform, black cat complaints and poly complaints show that UBS Credit has problems such as non-refundable deposits, fraudulent deposits obtained by POS machines, non-refundable merchant deposits, non-payment of POS cards, deductions for no reason, and violent collection. A number of complaints all pointed to the issue of UBS Credit deposits, and the amount involved in the lawsuits ranged from tens to hundreds of yuan.
